Follow LA Observed on Twitter here
Stocks tumble: Today the global economy is struggling again, which means that investors are dumping stocks in favor of safe-haven assets like the dollar and Treasurys. Dow is down almost 100 points in early trading.
FedEx more upbeat: The delivery giant, often used as an economic bellwether, sees a further strengthening in the global freight market. It's boosting its earnings forecast by more than 10 percent. (AP)
Holiday hiring improves: Retailers brought on 375,500 workers in October and November, up from 384,300 for 2008's entire holiday season. Of course, 2008 was a disaster. (OC Register)
New guy at Pimco: The OC-based bond fund giant moves into stock picking - and it's hired Neel Kashkari, who had been in charge of the Treasury's bank bailout program. From the LAT:
The decision to hire the 36-year-old Kashkari to head Pimco's new-initiatives unit surprised some analysts, who noted that Kashkari has no experience with mutual funds. At Goldman Sachs, before taking a Treasury post in 2006, Kashkari was an investment banker. The hire may be more fodder for critics of the "revolving door" between government and the private sector.
Fund withdrawals: L.A.-based TCW Group is losing money and investors after it ousted its star bond manager, Jeffrey Gundlach. (LAT)
Riches in "2012": So much for falling incomes in Hollywood - writer-producer-director Roland Emmerich stands to make $100 million from the disaster film, says The Wrap's Sharon Waxman.
Expo delays: LAT updates the problems plaguing the rail project. At this point, they're $220 million over budget and a year behind schedule.
The problems with the Expo Line come at a difficult time for the MTA, which is now trying to build new rail lines with federal money and revenues from a transportation sales tax that L.A. County voters approved last year. MTA officials said they do not yet know how the agency will pay for more Expo Line costs if needed or whether those costs would eat into money slated for other projects, which include a subway along Wilshire Boulevard and an extension of the Gold Line east into the San Gabriel Valley.
Drip by drip: Gas prices fell another penny, according to the government's weekly survey. A gallon of regular in the L.A. area is now $2.966 a gallon.
Coffee battle over?: It looks like Green Mountain Coffee Roasters has won the bidding war for Irvine-based Diedrich Coffee. Peet's Coffee & Tea won't raise its bid. Green Mountain made an all-cash offer of $290 million, or $35 a share. (LAT)
Tourist spaceship: Richard Branson's latest pet project: The first private rocket ship that will ferry six passengers and two crew members to the edge of space. Service won't begin until 2012, at the earliest. (WSJ)
Lacter on radio: This week's business chat with KPCC's Steve Julian looks at unemployment among L.A.'s low-educated workforce and the jobs picture for Hollywood. Also at kpcc.org and on podcast.
Mark Lacter created the LA Biz Observed blog in 2006. He posted
until the day before his death on Nov. 13, 2013.